TM Technology Inc. said its normalized net income for the first quarter was a loss of 19 Taiwan cents per share, compared with a loss of 2 cents per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of NT$10.0 million, compared with a loss of NT$1.1 million in the prior-year period.

The normalized profit margin fell to negative 21.3% from negative 1.0% in the year-earlier period.

Total revenue fell 60.0% year over year to NT$46.9 million from NT$117.3 million, and total operating expenses fell 50.0% from the prior-year period to NT$59.0 million from NT$118.0 million.

Reported net income came to a loss of NT$17.0 million, or a loss of 32 cents per share, compared to a loss of NT$1.8 million, or a loss of 3 cents per share, in the prior-year period.

As of May 16, US$1 was equivalent to NT$32.63.